I use exact match everytime when researching. They way I look at it is, if I can live with xxxx exact searches, which will come quite quickly, if you're properly targeting that phrase or building on exact match domains, you can later start to scale out for the larger fish. Or even better once...
I don't like the searched based tool. It's vague and you don't have as much control as you do with the Adwords tool. Maybe it's just a comfort level thing, but I go straight to the adwords tool and don't look anywhere else (for search results that is). Keep in mind also, apps like wordtracker...
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